Phoenix Launches New Indexed Annuity
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“The Baby Boomer Generation is approaching retirement with not just one, but many challenges, including access to adequate retirement income, protection against the high costs of chronic care and transfer of wealth to family heirs,” said
Personal Protection Choice offers the flexibility to combine the Income Protection benefit with the Care Protection and/or the Family Protection benefits.
The Income Protection benefit provides a guaranteed lifetime withdrawal benefit (GLWB) that offers income enhancing features depending on when the client will first need income. For clients looking to begin their guaranteed income stream within the first several contract years, the Income Protection: Today benefit offers a bonus of up to 45 percent of the initial contract value, credited to the income benefit base. The Income Protection: Tomorrow benefit offers an annual 14 percent simple interest roll-up to the income benefit base that is available for the first 10 years of the contract or until the rider is exercised (if earlier than 10 years).
The income benefit base is a value used to determine the fees and benefits for the rider, but it is not a guarantee of contract value or an amount available for a lump-sum withdrawal. The actual annual guaranteed withdrawal amount is determined by multiplying the benefit base by a withdrawal factor that is based on the covered person’s age at issue and age at first guaranteed withdrawal.
Meanwhile, the Care Protection benefit provides an enhanced withdrawal benefit for up to five years in the event that the annuity holder is unable to perform two of six Activities of
Finally, the Family Protection benefit offers an enhanced lump-sum death benefit for beneficiaries. The death benefit is equal to a simple interest roll-up of 5 or 10 percent (depending on attained age) for the first 10 years of the contract, or until the rider exercise date or age 85, whichever comes first. All withdrawals, including the guaranteed withdrawals, reduce the contract value and the death benefit.
New Tablet-Compatible Platform Provides Educational Resources and Customized Planning for Agents and Clients
In conjunction with Personal Protection Choice,
“Technology evolves daily and businesses everywhere continually look for ways to leverage innovation that increases efficiency and improves client service,” Fitzgerald said. “Our team has been working hard to develop a platform to streamline and enhance the retirement planning conversation, and we believe REALIZE is that tool. REALIZE can assist agents in identifying clients’ retirement goals and planning concerns while reducing the time needed to deliver custom assessments and annuity proposals.”
To learn more about Phoenix Personal Protection Choice Annuity, the REALIZE platform and other annuity products available from
BACKGROUND ON INDEXED ANNUITIES
An indexed annuity allows individuals to benefit from growth in the market without the risk of direct investment in the market. When the index shows a positive performance above a specified threshold, “index credits” that are based on that performance are added to the account value. Unlike direct investments, the account does not lose any value when the index goes down because the index credit can never be negative.
Annuities are long-term investments, particularly applicable for retirement planning. Withdrawals may be subject to surrender charges and taxes, as well as possible tax penalties if taken prior to age 59½.
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Saybrus does not provide tax or legal advice. In
The Personal Protection Choice Annuity (10FIA) is a single-premium indexed annuity issued by
Copyright: | Copyright Business Wire 2012 |
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